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Mercantilism:It is an economic theory from pre-capitalist times which held that a country's prosperity depended on its ability to produce large and persistent surpluses in its fore
discuss whether marginal utility is a realistic piece of economic analysis in explaining consumer demand
A firm in a perfectly competitive product market takes the price of the product as given. Similarly, a firm in a perfectly competitive factor market takes the price of the factor
Open Access Regime Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4
What is hyper inflation? How it can be reduced? Hyper inflation means that prices of the consumable goods are very high. Prices can be decreased by supplying more goods in th
Draw a marginal utility cureve for a good that has a constant marginal utility
Gains from International Trade: It leads to increased total world production of goods and services. International trade based on comparative cost advantage allows countries to
concept of supply and the factors that affect the supply
It is clear that monopsony in the labor market is not steady with allocative efficiency and has the effect of withholding significant amounts the employees' MRP from them, that bec
The following are AC and TC functions for various firms (i). AC = 140/Q + 20 (ii) AC - a/Q = k (iii) TC - 10 =2Q + 0.1Q 2 (iv) TC - k - βQ = cQ 2 Where a, k, β and
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